Our industry as a whole has gone through three distinct transformations – from microfinance to financial inclusion and now to digital financial services. For the past decade, The Mifos Initiative has been a pioneer at the forefront of innovation for poverty alleviation.
In 2006 we created the world’s first open-source web-based MIS for JLG microfinance. In 2011, we launched Mifos X, the world’s first truly open API-driven platform for financial inclusion. And now in 2017 the Mifos Initiative, as a project of the Apache Software Foundation, will release Mifos I/O, the world’s first digital financial services platform, built on top of an open source cloud-native application framework for digital financial services.
This white paper outlines the vision guiding us as we launch Generation 3.
Two key technologies ⎯ mobile phones and digital money ⎯ are changing the face of banking. They have also made a new financial inclusion model possible.
We believe that the future of financial inclusion will be the fast, low cost, mobile delivery of digital financial services. We call this Financial Inclusion 2.0. When every person has a mobile phone, and transactions are digital, then every phone will be a bank … and every person will be accessible, at low cost, and every financial service will be just a mobile app.